Mentha oil December contract dropped Rs 38.1 and settled at Rs 1230.4 a kg due to subdued domestic demand amidst heavy arrivals. The major mandis of Uttar Pradesh such as Sambhal and Chandausi have witnessed the daily average arrivals of around 60000-70000 drums. The contract made intraday low of Rs 1230.4 a kg and high of Rs 1268 a kg with the volume of 4805 and total open interest for the same contact was at 4712.Now support for the menthol is seen at 1217.9 and below could see a test of 1205.3. Resistance is now likely to be seen at 1255.5, a move above could see prices testing 1280.5.

Trading Ideas:

Mentha Oil trading range is 1205.6-1281.

Mentha oil spot is at 1320/-.Spot market is down by Rs 10/.

Resistance for the mentha oil is at 1242.20 level.

Support or mentha oil is seen at 1217.90 level.

Mentha oil ended lower due to subdued domestic demand